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adding tax hikes on dividends and capital gains. the white house wants 50 billion in new spending next year alone in a long-term deal that is supposed to be about cutting spending. >> not even $400 billion in cuts and they want to have this extra spending that is actually greater than the amount they're willing to cut. it was not a serious proposal. >> the president may have the upper hand because the fiscal cliff tops allow him to back the opposition into a corner by framing this as republicans raising taxes. >> if congress does othing, every family in america will see their income taxes automatically go up on january 1st. that is sort of like a lump of coal you get forchristmas. >> congressional democrats operating like they don't have to compromise on spending or taxes. >> elections have consequences. the president campaigned, made it very clear. made very clear that he was supporting tax cuts for the mile-class, thathe wanted the expiration of thetax cuts for the high end. >> very little progress among the inside player so ar, t
adding tax hikes on dividends and capital gains. the white house wants 50 billion in new spending next year alone in a long-term deal that is supposed to be about cutting spending. >> not even $400 billion in cuts and they want to have this extra spending that is actually greater than the amount they're willing to cut. it was not a serious proposal. >> the president may have the upper hand because the fiscal cliff tops allow him to back the opposition into a corner by framing this...
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the republicans say you're raising tax too much. two years later as we stand on the precipiceave cliff, suddenly this plan as seen as the mosterably thing in town and people are coming to you to find out your sage advice. what happened in those two years? >> well, the people woke up. i think young people are waking up. you can't do this. you can't tax your way out of this hole. you can't grow your way out of this hole. we had every economist say you could have double-digit growth for 20 years and can't get out of the hole. you can't cut spending out of your hole. we got five democrats, five republicans, ranging from dick durbin to illinois-- great progressive democrat-- and coburn from oklahoma, and five dems, five republicans, one independent, that's a super majority. and for god's sake the reason we were so successful is that we effectively pissed off everybody in america. ( laughter ). >> jon: congratulations, sir. kudos. kudos to you. ( applause ) so now, as you watch these competing plans, you watch the president has submitted
the republicans say you're raising tax too much. two years later as we stand on the precipiceave cliff, suddenly this plan as seen as the mosterably thing in town and people are coming to you to find out your sage advice. what happened in those two years? >> well, the people woke up. i think young people are waking up. you can't do this. you can't tax your way out of this hole. you can't grow your way out of this hole. we had every economist say you could have double-digit growth for 20...
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we can get a tax rebate up to about 3,000 u.s. dollars. >> translator: we'll buy an ecocar because it saves energy, it's not so expensive, and covered by the government's tax rebate program. >> reporter: japanese automakers plan to boost production in thailand. the country is one of the most important manufacturing hubs. they are betting economic growth and prosperity will continue to rise across. asean as the prue group moves towards creating an economic community in 2015. >> translator: southeast asia's auto industry should enjoy 7% to 8% growth similar to china over the next four or five years. compared to other countries in the region, thailand is the leader in auto production and has the soundest supply chain. >> reporter: thailand's auto industry has a goal of producing 3 million cars a year within the next five years. even after the flux of 2011. the country remains in the driving seat of the fast-growing auto market. busaba sivasaboom, nhk world, bangkok. >> that wraps up our bulletin. i'm patchari raksawong in bangkok. >>
we can get a tax rebate up to about 3,000 u.s. dollars. >> translator: we'll buy an ecocar because it saves energy, it's not so expensive, and covered by the government's tax rebate program. >> reporter: japanese automakers plan to boost production in thailand. the country is one of the most important manufacturing hubs. they are betting economic growth and prosperity will continue to rise across. asean as the prue group moves towards creating an economic community in 2015. >>...
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they also pay a high rate of tax but nowhere near as high as the u.k. we've got the netherlands that pays around forty eight percent tax germany pays around forty percent average families that pay in tax now we spoke to a few londoners down the streets and i asked them about how they feel about how much tax they pay let's take a listen i'm not looking for us person these players such as think it should be fair across the board people should pay proportionately. from it really. feels like it's all going to the fact that some of. the communities are just. too good. looking to do so as you can see you know a lot of people are just extremely frustrated that they aren't getting any of their local services back it's demoralizing figure and as the government had promised to recognize marriage to provide some of these tax breaks they haven't done that yet and in the run up to christmas with prices on the rise food prices fuel prices just the price of heating a family's home this is very very bad news and a lot of people feeling extremely frustrated about it in
they also pay a high rate of tax but nowhere near as high as the u.k. we've got the netherlands that pays around forty eight percent tax germany pays around forty percent average families that pay in tax now we spoke to a few londoners down the streets and i asked them about how they feel about how much tax they pay let's take a listen i'm not looking for us person these players such as think it should be fair across the board people should pay proportionately. from it really. feels like it's...
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Dec 4, 2012
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higher taxes hurt economic growth. people say it doesn't hurt it and they are saying of all the possible answers i will pick the extreme one, which is zero. what is most iportant? millions are out of work, we have incomes that have not grown but they have fallen. i would think growth is the priority. >>neil: is that going do mean more dividends next year to make up for the tax hit they will face? will they still cash out with the dividends? isn't that going do lead to a market tank? >>guest: one of the things, what we are seeing right now is the first evidence that companies' investors know the fiscal cliff is coming and when we get closer that is when the market will tank. >>neil: take your money and run. >>guest: for political pumps folks are willing to go over. that is dangerous much next year if we go over the cliff, all bets are off and we are in a recession. >>neil: you are not competent? >>guest: i don't like the way this is going. this is not two parties sitting down and saying we have a serious national proble
higher taxes hurt economic growth. people say it doesn't hurt it and they are saying of all the possible answers i will pick the extreme one, which is zero. what is most iportant? millions are out of work, we have incomes that have not grown but they have fallen. i would think growth is the priority. >>neil: is that going do mean more dividends next year to make up for the tax hit they will face? will they still cash out with the dividends? isn't that going do lead to a market tank?...
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Nov 30, 2012
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investigators are currently looking into similar incidents of alleged tax evasion at other institutions. >> there's a lot of money in going bankrupt. that is if you are the one winding up a big company that goes bust. >> a german law firm, for exple, are doing jt that r lehman brothers re in germany, and today, they've been trying manthstify their massive fees. them as well. lehman' a grn b >> risky speculation on the u.s. housin mkeas in septemberpa collse then, its assets have ben liquidated and notnl d.subsidiaries were present in more than 40 of hman's german unihas fouone othn 'ssss e figr yrs, aun 10ttne a bkrtc on eimehodotal fs ul basig mewhe,edris te lmaroerfid rak srt brk. wh wco bk, btay rtedndurreby soie tnk ftang wh us. >> welcome back. epitfreom i spadg si the long crh pteer tangohe see tay >> riot police moved in to break ahr-mohrotest against a me n ba ine mpy. tnse said truckloads of police aiv tov u demonsators. activists say almost 50eonjed >>heig t pte war of burma'sraitnowd rerm b ctics the latest police action show jt w sneeho rctns are. >> many of the injured were
investigators are currently looking into similar incidents of alleged tax evasion at other institutions. >> there's a lot of money in going bankrupt. that is if you are the one winding up a big company that goes bust. >> a german law firm, for exple, are doing jt that r lehman brothers re in germany, and today, they've been trying manthstify their massive fees. them as well. lehman' a grn b >> risky speculation on the u.s. housin mkeas in septemberpa collse then, its assets...
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Dec 2, 2012
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everyone's taxes go up and automaticpending cuts take
everyone's taxes go up and automaticpending cuts take
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Dec 6, 2012
12/12
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CURRENT
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the tax cuts entime entitlement cuts. >> i'm not sure that they won't fold on the tax cuts. once again you have to step back from the observation of what's going on in washington now, and remember we're fighting whether or not the top marginal rates should be in the low 30s or not. we should roll back the reagan tax cut but i don't believe in miracles. >> eliot: charles, what you're say something critically important. we're all in a way falling prey to this issue as if they're big issues when they're not. the fact that the rate would go from 35 to 39.6, it used to be in the 90s and 70s and 60s, and capital gains will be taxed at below the rate of ordinary income. we're dealing with the most minimal of shifts and changes yet we're being sucked into the notion that this is dramatic. it's not. >> you divided the republicans in three separate camps. i would say that the difference between the theological theocrats and the tee tea party is minimal. to a certain extent the policies that plays out with the theocrats is economics. four republicans have become identity politics. they
the tax cuts entime entitlement cuts. >> i'm not sure that they won't fold on the tax cuts. once again you have to step back from the observation of what's going on in washington now, and remember we're fighting whether or not the top marginal rates should be in the low 30s or not. we should roll back the reagan tax cut but i don't believe in miracles. >> eliot: charles, what you're say something critically important. we're all in a way falling prey to this issue as if they're big...
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Dec 5, 2012
12/12
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for millions of people the 2001 tax bill only change the name of the tax that i the name of the tax that i pay. i got very little benefit from the rate reduction because i was shifted over but in my opinion it has nothing to do the absence of the index but a result of the conscious vision to hide the cost as the bush tax cuts to be that amt in place >>host: the highest amt is 20% but after 2001 if the tax rate was lowered a to defy% used had to pay a mts backtracked but incomes between 200 north that is hitting the 35% rate and the end comes are lower than the levels at which you would hit the 35% rate. there is a bazaar rate structure. >>host: why is it called a patch? >>guest: one time, year by year, patch, of the broad expansion. you could say why do they call it a cliff? [laughter] it is discussed in a terms of apache and it is a year by year increase. of the patches nothing but an increase of the exemption to prevent tens of millions of people to be forced to fallout their return. what makes this critical in the discussion is weird talking about the package for 2012 i'd like the res
for millions of people the 2001 tax bill only change the name of the tax that i the name of the tax that i pay. i got very little benefit from the rate reduction because i was shifted over but in my opinion it has nothing to do the absence of the index but a result of the conscious vision to hide the cost as the bush tax cuts to be that amt in place >>host: the highest amt is 20% but after 2001 if the tax rate was lowered a to defy% used had to pay a mts backtracked but incomes between...
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lauren is the fiscal cliff we hear so much about we hear the comings and goings of obama and boehner on tax policy as though this was the issue that was going to solve the u.s. economy's problems or the u.s. government's budget deficit problems and does it i mean is really such a small part of the iceberg. of economic crisis that this country has been dealing with for the past four years and lo and behold when you talk to people that have been in the game for a while like the former republican strategist has been that we spoke to they say no it's very minimally addressing the problems of the u.s. and to put that in even broader scope our guest kevin phillips his recent book is about seven hundred seventy five so he just finished a book on the american revolution many more economic factors playing a role there than what we maybe are taught in grade school here in the u.s. so we looked at what the lessons are today looking at the. current economic problems and monetary problems and got his perspective a perspective he says that politicians are not likely to have he says they don't read histor
lauren is the fiscal cliff we hear so much about we hear the comings and goings of obama and boehner on tax policy as though this was the issue that was going to solve the u.s. economy's problems or the u.s. government's budget deficit problems and does it i mean is really such a small part of the iceberg. of economic crisis that this country has been dealing with for the past four years and lo and behold when you talk to people that have been in the game for a while like the former republican...
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Nov 29, 2012
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investigators are currently looking into similar incidents of alleged tax evasion at other institutions. >> there's a lot of money in going bankrupt. that is if you are the one winding up a big company that goes bust. >> a german law firm, for example, are doing just that for lehman brothers here in germany, and today, they've been trying to justify their massive fees. >> lehman brothers creditors have not been happy with their demands, but there's good news for them as well. lehman's assets in germany turned out to be much higher than first thought. >> risky speculation on the u.s. housing market triggered the global financial crisis as well as the downfall of lehman brothers, once the world's fourth largest investment bank. in september 2008, the company collapsed and went bankrupt. since then, its assets have been liquidated and not only in the u.s. lehman brothers had a huge network in the financial world. subsidiaries were present in more than 40 countries, including germany. the bankruptcy administrator of lehman's german unit has found around 15 billion euros of assets. one of th
investigators are currently looking into similar incidents of alleged tax evasion at other institutions. >> there's a lot of money in going bankrupt. that is if you are the one winding up a big company that goes bust. >> a german law firm, for example, are doing just that for lehman brothers here in germany, and today, they've been trying to justify their massive fees. >> lehman brothers creditors have not been happy with their demands, but there's good news for them as well....
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the event is part of the white house's effort to cut public support to end the bush era tax cuts for incomes on $250,000 and above. it will be shown at noon eastern on c-span 3. >> washington worked his way up and went to harvard law school. he emigrated out west to the lead minee industry was in its heyday. he arrived by stagecoach, by train and arrived in this muddy mining town, boarded himself in a log cabin and slowly worked his way up and became a successful lawyer and got involved politically, ran for congress, search for 8 terms. he then befriended abraham lincoln, obviously from illinois, and ulysses s. grant, and as they were on the rise, he stayed with them as a close confidante and colleague during the civil war. after grant was elected president, he appointed washburn secretary of state. at that time, he became ill. his family feared for his life. after 10 days, he submitted his resignation to president grants. grant regretfully accepted his resignation. over the next several months, he regained his health, which was always fragile. grant offered him the position as minis
the event is part of the white house's effort to cut public support to end the bush era tax cuts for incomes on $250,000 and above. it will be shown at noon eastern on c-span 3. >> washington worked his way up and went to harvard law school. he emigrated out west to the lead minee industry was in its heyday. he arrived by stagecoach, by train and arrived in this muddy mining town, boarded himself in a log cabin and slowly worked his way up and became a successful lawyer and got involved...
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i want to be paying more taxes. i want our taxes to go to serve the policies of the country, education, charity, health care. i think that president obama's right about this. but i think compromise is going to be necessary to achieve some result. >> let me bring in abbe. your father is known as a moderate republican and a good dealmaker, a man who used to negotiate. what do you make of this? and what does he make of this? >> i think morale is so low right now. the country's so divided. especially for my generation. we're the ones that are going to be handed down the $60 trillion deficit. they will come to a deal. but right now, it's political theater. and it's probably going to look like the simpson-bowles. that will come full-circle again. >> here's a problem the republicans have got themselves into. is obama has been very clever here, the president. i think what he's done is skillfully said to the public, if he goes over the fiscal cliff, the republicans are prepared to make the entire middle class to pay more tax
i want to be paying more taxes. i want our taxes to go to serve the policies of the country, education, charity, health care. i think that president obama's right about this. but i think compromise is going to be necessary to achieve some result. >> let me bring in abbe. your father is known as a moderate republican and a good dealmaker, a man who used to negotiate. what do you make of this? and what does he make of this? >> i think morale is so low right now. the country's so...
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it's the largest tax increase in american history. what i think we can do, and what would make the most sense since both sides seem to be dug in, let's build a bridge over the fiscal cliff, temporary bridge that says, you know, we will extend the tax cuts. you know, we'll reduce the spending cuts, especially in defense. we've going to do it for three months, six months. then we can have some time to look at this responsibly. remember, congress and the president never do anything that close to a good job if they are on a deadline or rush timetable. you know, we got obamacare because of that. that is going to prove a mess. we have gotten all kind of tax deals where things never really materialize. you know, ronald reagan had such a deal at the last minute in 1982, and out of every 100 cents of spending restraint he only got 75 cents because the deal was written so badly went need to take the time on this and not view december 31 as arbitrary deadline. >> jamie: it would be great if we did things in steps. i thought about this with the i
it's the largest tax increase in american history. what i think we can do, and what would make the most sense since both sides seem to be dug in, let's build a bridge over the fiscal cliff, temporary bridge that says, you know, we will extend the tax cuts. you know, we'll reduce the spending cuts, especially in defense. we've going to do it for three months, six months. then we can have some time to look at this responsibly. remember, congress and the president never do anything that close to a...
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is my government withdrawing my drinking the role of government by getting government to spend less tax less and regulate less that is what will get commie back in order that's what will cause the job where if you throw again and unemployment disappear. so. failing companies being supported by government is only a very short term solution in the long term it is a disaster. almost a million americans want to see the united states divided america's mounting debts and questions a foreign policy spec a growing movement in different states to secede from the union we take a look to the spray. wedge issues do just what their name implies they get between people and drive them apart like a wage and these issues seem to always take the forefront in the media it's things like abortion gun rights marijuana legalization and the weather well the weather isn't really a wedge issue but people sure talk about it way too much there's only so much room in the national discourse and these which issues just eat up all of the time and attention but the thing is that there's a little something called the te
is my government withdrawing my drinking the role of government by getting government to spend less tax less and regulate less that is what will get commie back in order that's what will cause the job where if you throw again and unemployment disappear. so. failing companies being supported by government is only a very short term solution in the long term it is a disaster. almost a million americans want to see the united states divided america's mounting debts and questions a foreign policy...
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Nov 30, 2012
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if you look at the tax side, the president campaigned on raising taxes but high talked about raising them to the tune of $800 billion. instead, what was put on the table is double that, $1.6 trillion in new tax increases. the president, though, out there upsetting republicans because he is outcampaigning again and he said i missed being out here on the trail. so rather than negotiating with republicans he was on the road in pennsylvania and saying i ran on this in terms of raising taxes. it is time to collect. >> at the end of the day, a clear majority of americans, democrats, republicans, independents, agreed with a balanced approach to gift reduction and making sure the middle class taxes don't go up. folks agreed to that. now the good news is we are starting to see a few republicans coming around to it, too. >>reporter: nancy pelosi has a news conference and added that elections have consequences. the democrats now think they can push their agenda through but republicans are saying when the democrats ran on the balanced approach it was not just tax increases but spending cuts, as
if you look at the tax side, the president campaigned on raising taxes but high talked about raising them to the tune of $800 billion. instead, what was put on the table is double that, $1.6 trillion in new tax increases. the president, though, out there upsetting republicans because he is outcampaigning again and he said i missed being out here on the trail. so rather than negotiating with republicans he was on the road in pennsylvania and saying i ran on this in terms of raising taxes. it is...
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Nov 30, 2012
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the clinton tax rates. others can speak to what it was under reagan, but the clinton tax rates that enabled the price sector to create 20 a and jobs and unable the success to thrive in our country, i think it comes down to the question, we say to the speaker of the house, the senate has passed a bill to increase middle-class tax cuts. democrats are ready to support it. why? why are you holding this up? thank you. >> for more information about the fiscal clef, visit our web site c-span.org. >> friday on washington and now,norman ornsteein.. tax credits on family and businesses that would be impacted if congress does not impact the fiscal cliff. >> the program began, one of the and as as to president franklin roosevelt, to document conditions under which people were living. this is when we did talk have television. have of places didn't electricity said they couldn't listen to the radio broadcasts to find out what was happening and a parts of the country. he was the head of this project. 1939 when kodak had a
the clinton tax rates. others can speak to what it was under reagan, but the clinton tax rates that enabled the price sector to create 20 a and jobs and unable the success to thrive in our country, i think it comes down to the question, we say to the speaker of the house, the senate has passed a bill to increase middle-class tax cuts. democrats are ready to support it. why? why are you holding this up? thank you. >> for more information about the fiscal clef, visit our web site...
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Nov 29, 2012
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well, we know that the bush tax cuts are expiring. they'll expire for everyone, not just the top 2%. this is not something we want the american middle class to get hit with a tax increase at this time, but we do believe the wealthiest among us should pay more. and we think that the top 2% should pay a higher tax rate on the money they make after $250,000 a year. we also believe that there's more that can be done, closing loopholes. people say, let's talk about that. . we see the bush era tax cuts expiring for everybody. we see the production tax credit expiring which is something important for work in the wind industry and the area of industry that promotes environmental matters. we also see the expiration of things like the estate tax, the s.g.r., which is the doctors fix for medicare. and we also see the sequestration which is the outcome, time outcome of the budget control act that we passed in august, 2011, which is now coming due, and there will be equal defense and discretionary spending cuts on both sides which will be -- which
well, we know that the bush tax cuts are expiring. they'll expire for everyone, not just the top 2%. this is not something we want the american middle class to get hit with a tax increase at this time, but we do believe the wealthiest among us should pay more. and we think that the top 2% should pay a higher tax rate on the money they make after $250,000 a year. we also believe that there's more that can be done, closing loopholes. people say, let's talk about that. . we see the bush era tax...
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Dec 1, 2012
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president obama appeared at a factory in pennsylvania making his case for raising taxes on top earners and accusing a handful of republicans of holding up a deal. if a deal is not reached by december 31, a $600 billion combination of tax increases and spending cuts goes into effect. let's get a check now on how the markets reacted to all of that news. our correspondence sent us this report from frankfurt. >> the dax climbed for about 2% this week, and share prices have been pushed mainly by the rescue package for greece, but at this last trading day of the week, trading has been quite low. the positive trend continued, although there has been some bad news coming in, like the record high unemployment rate in the euro area and the fact that u.s. consumers spend less money in october. nevertheless, the mood is fine. investors hope the fiscal cliff in the u.s.a. can be avoided. >> let's get a closer look at friday's trading. with all that uncertainty in washington, traders were playing it cautious. in germany, the blue-chip dax broke a bit of a winning streak, only gaining fractionally. e
president obama appeared at a factory in pennsylvania making his case for raising taxes on top earners and accusing a handful of republicans of holding up a deal. if a deal is not reached by december 31, a $600 billion combination of tax increases and spending cuts goes into effect. let's get a check now on how the markets reacted to all of that news. our correspondence sent us this report from frankfurt. >> the dax climbed for about 2% this week, and share prices have been pushed mainly...
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Nov 29, 2012
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why don't you be responsible and raise taxes, put your finger prints on a tax increase to pay for our bigger government. republicans said no. harry reid has had a hissy fit for four years now, i'm happy the republicans would not raise taxes to pay for is bigger government. the problem is the american people don't want their taxes raised. lou: what i asked was how you feel? >> i am pleased as punch. harry reid, at having a hissy fit at me, he's really mad at the american people for not wanting to raise taxes. he personalizes it with me. lou: what about those folks like senator john mccain, senator lindsay gramm, senator chambliss the list goes on. i mean -- >> it doesn't go on. it does not go on. here's the good news. all the people who last week and said we might raise taxes under certain circumstances with the same people who said that two years ago. and every news media outlet in the country has said the last week, would you like to be famous? would you like to be called important and influential? come to our tv station and announced you areefor tax increases and we will tell everyo
why don't you be responsible and raise taxes, put your finger prints on a tax increase to pay for our bigger government. republicans said no. harry reid has had a hissy fit for four years now, i'm happy the republicans would not raise taxes to pay for is bigger government. the problem is the american people don't want their taxes raised. lou: what i asked was how you feel? >> i am pleased as punch. harry reid, at having a hissy fit at me, he's really mad at the american people for not...
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additional tax increases equal to $600 billion. 2009 level estate tax. multiyear stimulus package starting with at least $50 billion next year alone. permanent increase in the debt ceiling, the debt limit enough to avoid it. in exchange, $400 billion in savings from the medicare and other entitlements to be worked out next year with no guarantees. that didn't go over well. syndicated columnnist charles krauthammer. what is going on here? >> you know, up until today i didn't think -- i did think that the president had shown leg on entitlement reform. he did no 2011. when the house speaker failed to reach a grand bargain. you heard signals from dick durbin said on the sunday shows that medicare had to be on the table. he circled back and say it couldn't be part of the down payment. a lot of confidence that the president is willing to go over the cliff before he would do anything to entitlement. this is the -- the ball is in the democrats' court, not in the republicans that i spoke to today. did say that the administration proposal just as boehner said is n
additional tax increases equal to $600 billion. 2009 level estate tax. multiyear stimulus package starting with at least $50 billion next year alone. permanent increase in the debt ceiling, the debt limit enough to avoid it. in exchange, $400 billion in savings from the medicare and other entitlements to be worked out next year with no guarantees. that didn't go over well. syndicated columnnist charles krauthammer. what is going on here? >> you know, up until today i didn't think -- i did...
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Nov 30, 2012
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the new taxes on the wealthiest americans. while some republicans here in congress are hinting they might be open to the idea the majority seemed opposed. >> raising rates on the so-called rich is the holy grail of liberalism. their aim isn't job creation, they are interested in wealth distribution. >> reporter: the white house insists the president won't sign any bill that doesn't include higher taxes for top earners. >> this shouldn't be news to anyone on capitol hill. >> reporter: the white house called the proposal an opening bid, republicans called it a joke. now republicans have not yet put any comparable plan on the table. they seem willing to accept half the revenues the president is looking for but they want far more in spending cuts. >> susan mcginnis getting us started on this friday. susan, thank you so much. the president insistent that any budget deal include higher taxes for high earners doesn't sit well with most small business owners. >> reporter: kevin green owns two flower and gift shops in alexandria, virgi
the new taxes on the wealthiest americans. while some republicans here in congress are hinting they might be open to the idea the majority seemed opposed. >> raising rates on the so-called rich is the holy grail of liberalism. their aim isn't job creation, they are interested in wealth distribution. >> reporter: the white house insists the president won't sign any bill that doesn't include higher taxes for top earners. >> this shouldn't be news to anyone on capitol hill....
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democrats want high tax rates for the wealthy. the president stressed the urgency of the situation in the radio address. >> if congress does nothing. every family will see the income taxes go up in the beginning of next year. a family of four will see income taxes rise $2200. we can't let that happen. our families can't afford it and neither can our economy. >> but republicans say the president should quit his campaign mode and come home and take care of business. the latest round of political maneuvering involves pressure from democrats to schedule a vote on the senate plan to extend middle class cuts. but republicans say let's see spending cuts first. >> we need to hear they are willing to make spending cuts now. not promises in the future . the tidal waves comingalt us is social security and medicare and of course, the new health care law of the presidents which is unaffordable and unworkable. >> nancy peel peel calling on speaker boehner to bring it to the floor or she will launch a move to force a vote. boehner is not likely
democrats want high tax rates for the wealthy. the president stressed the urgency of the situation in the radio address. >> if congress does nothing. every family will see the income taxes go up in the beginning of next year. a family of four will see income taxes rise $2200. we can't let that happen. our families can't afford it and neither can our economy. >> but republicans say the president should quit his campaign mode and come home and take care of business. the latest round...
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>>reporter: it is a nonstarter if they reject continuing the upper income tax cuts. the republicans say the plan cuts the deficits by $4.6 trillion based on the white house method of counting based on the recommendations of the president's deficit reduction commission but the president could disagree. the republicans say the plan would raise $800 million through tax reform but not by phasing out the upper income bush tax cuts and before the plan was announced, white house press secretary insisted the rates will not make it to the new year. >> he will not sign a bill that extends those tax rates for the top 2 percent. we cannot afford it. it is not wise economic policy. not wise fiscal policy. it would defeat the principle of balance that he has embraced. >> the president wrapped up an hour long twitter session promoting what he called a balanced approach, as far as deficit reduction. >>shepard: is this posturing? >>reporter: well, it is, this great measure. each side wants to blame the other. and not just if we go over the cliff, but if they do reach an agreement, ea
>>reporter: it is a nonstarter if they reject continuing the upper income tax cuts. the republicans say the plan cuts the deficits by $4.6 trillion based on the white house method of counting based on the recommendations of the president's deficit reduction commission but the president could disagree. the republicans say the plan would raise $800 million through tax reform but not by phasing out the upper income bush tax cuts and before the plan was announced, white house press secretary...
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Dec 4, 2012
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you said, i'm all for the wealthy paying more taxes. so i'm curious, since you've said that, why the reduck tans to just raise the tax rate on the wealthy? >> it destroys growth of the very people who are going to create additional revenues in the future. >> why say you would be all for it? >> i didn't ever say -- not one timedy say i was for raising tax rates on the wealthy. i said i was for increasing the taxes that the wealthy paid. how you do it will have a major impact on the economic fortunes of this country. and if you take the vast majority of small businessmen who will be hit with an increased tax rate, you're going to markedly decrease the job creation and capital formation in this country. >> let me ask you another question, one of the things we talked about on both sides, i think it's fair to say is the lack of details. and second geithner was out trying to defend some of the details in his plan over the weekend. this letter also has very few details. i'm curious to know exactly what loopholes, what deductions would you kill
you said, i'm all for the wealthy paying more taxes. so i'm curious, since you've said that, why the reduck tans to just raise the tax rate on the wealthy? >> it destroys growth of the very people who are going to create additional revenues in the future. >> why say you would be all for it? >> i didn't ever say -- not one timedy say i was for raising tax rates on the wealthy. i said i was for increasing the taxes that the wealthy paid. how you do it will have a major impact on...
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taxes will go up on everybody. and republicans will instead be in a position of voting against middle class tax cuts. democrats bring such a bill to the floor. on sunday house minority leader signaled democrats may not wait saying in a statement, quote, if speaker boehner refuses to schedule this widely supported bill for a vote on democrats for a vote, democrats will introduce a discharged petition to automatically bring to the floor the senate passed middle class tax cuts bill, that bill that would pass the 98% automatically raise the rates to the clinton era for the top 2%. ultimately he has to bring out the best deal. this new negotiation strategy. it appears to have genuinely thrown republicans for a loop. >> the idea of a negotiation is roll over and do what i ask. >> i think we're going over the cliff. it's pretty clear to me they made a political calculation. the plan to entitlement reform is quite frankly a joke. >> a two-step deal in place. step one spending cuts and tax changes that would take effect in
taxes will go up on everybody. and republicans will instead be in a position of voting against middle class tax cuts. democrats bring such a bill to the floor. on sunday house minority leader signaled democrats may not wait saying in a statement, quote, if speaker boehner refuses to schedule this widely supported bill for a vote on democrats for a vote, democrats will introduce a discharged petition to automatically bring to the floor the senate passed middle class tax cuts bill, that bill that...
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so can washington make a deal on the budget and avoid those tax increases? we're getting our first look tonight at president obama's proposal and the republican reaction. major garrett is at the white house for us tonight. major. >> reporter: scott, the first hard numbers from the white house to resolve the fiscal cliff crisis landed with a thud on capitol hill. congressional republicans called it an insulting joke. here's the big picture-- $4 trillion of deficit reduction over the next 10 years. it includes $1.6 trillion in higher taxes on households make manage more than $250,000. there's also $400 billion in cuts to entitlement programs, like medicaid and medicare, as well as others. there is also fresh new aending. $50 billion next year in stimulus spending, all for infrastructure. the white house calls this an opening bid. house republicans call it a rehash of old ideas and also object to the idea of a white house asking a permanent legislative remedy to raising the debt ceiling, all of it, the republicans say rather, is unacceptable. now much of this w
so can washington make a deal on the budget and avoid those tax increases? we're getting our first look tonight at president obama's proposal and the republican reaction. major garrett is at the white house for us tonight. major. >> reporter: scott, the first hard numbers from the white house to resolve the fiscal cliff crisis landed with a thud on capitol hill. congressional republicans called it an insulting joke. here's the big picture-- $4 trillion of deficit reduction over the next...
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prior to taxes. which is greater than the estimated net worth of kanye, and eli manning, and johansson combineed. trace has the news live in washington. account winners remain anonymous can you? >>trace: they can remain anonymous in five states. but in missouri and arizona, they are not among the states so barring a back door legal maneuver we will find out the winners' name and the winners' hometown. the lottery recommends you take a little time, you think about some plans, practice telling your family "no" and you come forward and you celebrate. in arizona there is no power wall in california, utah, and nevada so the winner in arizona may not be from arizona because people were flooding over to see if they could play with that jackpot. arizona gets $25,000, the store that sold the ticket and in missouri they get $50,000, and that is strictly because of state regulation. nothing else. >>shepard: this lottery created a bunch of millionaires. >>trace: on top of the two huge tickets, there were eight o
prior to taxes. which is greater than the estimated net worth of kanye, and eli manning, and johansson combineed. trace has the news live in washington. account winners remain anonymous can you? >>trace: they can remain anonymous in five states. but in missouri and arizona, they are not among the states so barring a back door legal maneuver we will find out the winners' name and the winners' hometown. the lottery recommends you take a little time, you think about some plans, practice...
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>>trace: when republicans say the higher tax rates will hurt small business? >>reporter: and that, cost jobs. the white house says only the top 2 percent or 3 percent of small businesses are affected republicans say those are the ones that create the vast majority of the jobs. speaker boehner suggests that capping deductions would actually protect the middle class. >> we have to cut spending and put revenues on the table. now, the revenues will come from, guess who? the rip. there are ways to limit deductions, close loopholes and have the same people pay more of their money to the federal government without raising tax rates which we believe will harm our economy. >>reporter: the taxes will go up for those making moreover than $250,000 even if congress does nothing and also forren else but the polls suggest that the american will blame republicans. >>trace: thousands of workers are being laid off at a citigroup, slashing 11,000 jobs adding up to about 4 percent of the entire workforce. it is another cost-cutting move as banks continue to struggle after the rec
>>trace: when republicans say the higher tax rates will hurt small business? >>reporter: and that, cost jobs. the white house says only the top 2 percent or 3 percent of small businesses are affected republicans say those are the ones that create the vast majority of the jobs. speaker boehner suggests that capping deductions would actually protect the middle class. >> we have to cut spending and put revenues on the table. now, the revenues will come from, guess who? the rip....
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there are more taxes and we'll expire the reduction on social security o taxes. that's going to happen anyway. buctt look. that's not the real issue at stake here. what we have going on with the country thanks to these politicians tearing each other apar ot or fighting as usual, ts last few days is critical. what has happened is the republicans want to step into the trap set for them by the democrats which is as the spider said to the fly, step into my parlor, on entitlements which was the headline in the jumper. meanwhile, the republicans have the biggest hammer available. when barack obama went out, he went out and overreached. this idea that he should set the debt limit. if i were the republicans, i would say stop everything. we're going to fight you. >> youg. know what i think? i think the republicans have a communication problem, and i'll tell you why. i was listening to some of the stuff, and when the president gets up, he talks about middle class families and the holidays. then the republicans stand up and say economy and the debt ceiling and the debt. you
there are more taxes and we'll expire the reduction on social security o taxes. that's going to happen anyway. buctt look. that's not the real issue at stake here. what we have going on with the country thanks to these politicians tearing each other apar ot or fighting as usual, ts last few days is critical. what has happened is the republicans want to step into the trap set for them by the democrats which is as the spider said to the fly, step into my parlor, on entitlements which was the...
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that's not a mandate to raise taxes. it's a mandate to work together. >> mandate to work together which means they may not go on their break which is expected. i heard the speaker tell you that he's going to tell you as well. quickly, dana, he's going to stay regardless of whether they go on break, right? >> reporter: right. and the question was the house of representatives is going to finish their work this week in about 45 minutes and it's only wednesday. >> right. >> reporter: they are going to go home. they are not going to be in session on thursday or friday. i asked the speaker whether that is got optics for the house to leave town while the fiscal cliff is so close in front of us and that is the answer, that he will be in town, ready, willing, and able to talk to the president at any time. so that was really the issue. the house republican leadership, i tell you, they say they simply don't have any legislation to put on the floor. that's why they are play sending their members home. they are hoping to get the mess
that's not a mandate to raise taxes. it's a mandate to work together. >> mandate to work together which means they may not go on their break which is expected. i heard the speaker tell you that he's going to tell you as well. quickly, dana, he's going to stay regardless of whether they go on break, right? >> reporter: right. and the question was the house of representatives is going to finish their work this week in about 45 minutes and it's only wednesday. >> right. >>...
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that the israeli government has taken is that they have frozen some one hundred million dollars in tax money that is welcome it's on behalf of the palestinian authority has built a painful blow to the p.a. because essentially can only cover around seventeen percent of its needs the rest of the money comes from this tax money comes from the united states from the european union if you look at the sick the population in this country they too are also unhappy they do not believe that the israeli prime minister netanyahu will go ahead with building these units they believe that it's almost a cheap it's by an attorney now who to try and gain support ahead of genuine elections and that this is an internal matter to try and really build votes in the middle now who government essentially sees this but and perhaps i should say not just in the technology government but many israelis feel that it was a one sided resolution that was put forward at the united nations and the point being made by the government is that they cannot be any kind of unilateral moves on the palestinian side they need to f
that the israeli government has taken is that they have frozen some one hundred million dollars in tax money that is welcome it's on behalf of the palestinian authority has built a painful blow to the p.a. because essentially can only cover around seventeen percent of its needs the rest of the money comes from this tax money comes from the united states from the european union if you look at the sick the population in this country they too are also unhappy they do not believe that the israeli...